Access Prepaid WorldWide
October 11, 2023
Consumer Financial Services
Leveraging the Mastercard network, Access Prepaid delivers consumer and corporate travel, payroll and foreign currency prepaid card programmes to a diverse set of partners including financial institutions, travel agents, retailers, bureau de change operators, blue chip corporations and airlines.
The requirement of Access Prepaid Worldwide (APW) was to deliver an enhanced supply chain capability to reduce lead times and unit costs.
Working with the supply chain team and APW directors, the team focused on three key areas of support with a collaborative approach taken to ensure stakeholders were supported through the change process at all steps;
• Buying for Less: Libra managed vendor negotiations across cards, distribution and collateral before migrating responsibility to the APW team, supporting and mentoring through this process.
• Buying Less: Libra managed the implementation of a forecast and demand management tool; negating a planned £600K spend on an ERP solution and resulting in a reduction in stock and orders.
• Management Control & Reporting Systems: Underpinning ownership & sustainability and meeting Mastercard audit requirements, all system tools, associated review processes and KPI suites were implemented with formal training completed, coaching and associated SOPs written.
Libra Europe delivered impressive results for Mastercard. For every unit invested, there was a 5:1 return on investment. This was further highlighted by significant purchase price reductions, which ranged from 7% to 52% across four global regions. Furthermore, Vendor Managed Inventory (VMI) was implemented across all regions, and this was accompanied by a stock buy-back rollout. This strategy led to a 25% reduction in inventory, resulting in a cost avoidance of over £600,000. Additionally, there was notable people development, with the APW supply chain team gaining recognition within the Mastercard group.